By: Baba Mohammed Issahak
The Bank of Ghana (BoG) has issued a strong warning to the public and financial institutions regarding two unlicensed digital financial platforms, YellowPay and HanyPay, cautioning Ghanaians against conducting business with them.
In a public notice released on June 10, 2025, the central bank revealed that YellowPay, a product of Yellow Card Financial Inc., is promoting itself as a provider of digital payment services, cryptocurrency trading, and cross-border remittance solutions activities that legally require approval and licensing from the Bank of Ghana.
The platform allegedly allows users to make payments, send and receive electronic money and stablecoins across borders, and convert digital currencies into Ghanaian cedis. However, the Bank of Ghana clarified that Yellow Card Financial Inc. is not licensed to offer any of these services within Ghana’s jurisdiction.
Further raising red flags, the BoG said YellowPay is reportedly collaborating with another entity called HanyPay, which claims to be licensed by the Africa Diaspora Central Bank (ADCB). According to the notice, the two are allegedly working on integrating a new stablecoin called “AKL Lumi” into the global financial system. But the Bank of Ghana stated clearly that HanyPay is not authorised to operate in Ghana and does not recognise the ADCB as a legitimate central bank.
“This development raises significant regulatory concerns,” the notice read. “The public, financial institutions, and all relevant stakeholders are advised to desist from engaging with Yellow Card Financial Inc. and HanyPay Ghana.”
The Bank has urged anyone with questions or concerns to contact its FinTech and Innovation Office via email at [email protected] or call +233 (0) 302 739 650.
The warning is the latest in the Bank’s ongoing efforts to protect consumers and maintain the integrity of Ghana’s financial system in an increasingly digital economy.
